Refinance and Missed Opportunities

When I thought about where the mortgage industry and real estate world are today I was torn. I could have written about several different things! I could have talked about national situation vs. our local market! We are doing pretty good in the Chattanooga and surrounding areas compared to the rest of the country. I was going to do a blog with lot’s of numbers and statistics…even though I know that doesn’t hold readers as long…but it is good to give out pertinent info from time-to-time.

But I settled on missed opportunities. Let’s look a few of them and see if we can tie them back into mortgages!

• In 1962 Decca records turned down a new band to the US because it sounded too much like another group…The Shadows. The relatively new band then signed on with Parlophone records and became the most popular band in the world…you know them as The Beatles! A little bit of a missed opportunity!
• The iPod…what a great invention! How crazy would have to be to say no to that! Well in the fall of 2000 a company called Real Networks did just that…they said no to engineer Tony Fadell and his new idea. Guess who didn’t…Steve Jobs. He said yes and the iPod was born.
• E.T. phone home! We all remember that from E.T. The Extra-Terrestrial movie. But before he called home he was snacking on candy. Do you remember the candy? Of course…a new product called Reese’s Pieces! Boy did it help bring them into the market place. But before Heresy’s inked that deal…Universal Studios went to Mars and asked if they could use M&M’s…the answer was ‘no’. The rest is e.t. history.
• I loved watching the Cosby Show in the 80’s. As a matter of fact…a lot of us did…millions! It helped push NBC back to #1. Guess what…NBC wasn’t the first networked pitched. Nope…ABC had first crack at it and said…no. Wouldn’t appeal to enough viewers. It was the #1 show 4-straight years of its 8-year run.

Those are some pretty bad missed calls and missed opportunities…now how does that relate to the mortgage industry. Well bare with me for one more list…below are ranges and averages of mortgage rates for the past 10-years.


Year 15-year 30-year ARM
2002 5.59% – 6.62% 6.17% – 7.16% 4.38% – 5.41%
2003 4.84% – 5.77% 5.43% – 6.47% 3.75% – 4.26%
2004 4.91% – 5.81% 5.76% – 6.42% 3.56% – 4.24%
2005 5.26% – 5.99% 5.72% – 6.44% 4.35% – 5.37%
2006 5.86% – 6.53% 6.23% – 6.88% 5.38% – 6.16%
2007 5.99% – 6.59% 6.27% – 6.96% 5.89% – 6.29%
2008 5.75% – 6.53% 6.01% – 7% 5.42% – 6.12%
2009 4.78% – 5.46% 5.25% – 5.92% 4.57% – 5.53%
2010 4.09% – 4.89% 4.64% – 5.48% 3.72% – 4.59%

August 3.77%

August 4.54%

August 3.37%


So…do you see opportunity here? The opportunity to save money! The opportunity to get your financial house in order. Right now if you refinance you will save money every month AND if you go from a 30-year to a 15-year you may be able to save $100,000 or more on your loan (depending on your current rate and time left on mortgage). The thing about opportunities…they do pass…they eventually go away.

Bottom line is saving money is at least worth looking into…give your local mortgage professional a call. Peoples Home Equity 423-591-9801 or Friend us on facebook or listen to WGOW Talk Radio 102.3FM every Monday night at 7pm to The Buyers Market (you can listen on-line as well).

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